The popular saying that ‘variety is the spice of life’ is no longer limited to delicious food, travel, or any other form of exciting experiences, but has now come to include the sphere of making and receiving payments.
This is an era of convenience where thousands of options to pay and be paid are available, due to the ever-evolving frontiers of financial technology.
From digital wallets to credit/debit cards, cryptocurrencies, or even potentially the e-Rupi or e-Naira, people, and businesses all over the world are now better positioned to transact any way they want. And as such, it is pertinent for individuals, and enterprises to key into these digital payment transformations, to be able to trade effectively in the global market.
Africa, however, still has a long way to go in terms of accepting the array of payment options available across the world.
This is because the continent is still faced with the challenge of navigating around non-cash payment options, especially because most of its businesses and activities are cash centric.
More so, the accelerated influx of new financial payment methods is difficult to keep up with and integrate into the available payment aggregators used on e-commerce platforms. And the unavailability of a simplified and efficient payments platform that can help businesses to accept these alternative payment methods has further hindered an ease of adoption.
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It is also noteworthy that only about five percent of MSMEs in Africa have their transactions digitized. Hassles such as hidden charges and complex processes are discouraging for a lot of these small businesses.
This is because small businesses need all their resources at their disposal and are incapable of coping with local trade hassles such as transaction fees, bank errors, or non-contextual debit alerts for example–which are disincentives within this demographic, especially in Nigeria.
With these realities, it would be grossly inefficient for small scale businesses to adopt multiple or cumbersome payment platforms, all in a bid to accept alternative payment methods, or engage in smooth cross-border trade.
Thus, there is a need to help these businesses integrate into these new multiple payment methods through an all-encompassing payments platform, with a single integration, this will enable these businesses to securely receive payments from anyone and anywhere across the world, without limits.
Such a solution would aid in driving commercial improvement and economic growth which is crucial for Africa’s future.
Unlimint is an all-in-one financial interface that is deftly suited to Africa’s digital payment needs.
With Unlimint, businesses can have access to 1000+ alternative payment methods, through one efficient platform, and via a single integration– rather than accessing different payment methods from different platforms.
With the evolution of digital businesses and borderless trade across the world today, businesses will need to meet the convenience of customers, no matter where they are located in the world, and African enterprises now have the opportunity to access a wider variety of payment options that can conveniently enable more customers from across the globe.
As earlier established, variety is the spice of life, and in relation to digital payments, access to many options helps people to pay and be paid in the ways they feel most convenient.
As more and more payment methods spring forth and become adopted by customers all over the world, businesses in Africa need to partner with a payment solution provider such as Unlimint, which has the capacity to automatically integrate these alternative payments, to allow them to efficiently conduct financial transactions without any hassles.
